In another recent attack on DeFi platforms, a crypto-private project identified as ShadowFi has suffered exploitation by hackers. The exploitation, which claimed about $301,000, became public after famous blockchain security firm Peckshield raised the alarm. ShadowFi confirmed the attack via its Twitter page.
According to ShadowFi, the attacker drained its liquidity pool contract leaving it at $0. Peckshield disclosed that the SDF token’s vulnerability contributed to the protocol’s exploitation. This vulnerability aided the burning of the token; it allowed anyone to carry out the burning without prior approval.
Further, Peckshield added that the hacker drained about 1,078 $BNB, equivalent to $301k. The blockchain security firm identified the hacker as NeorderDAO. The firm cited that the hacker’s name is recorded in its internal database.
Should Tornado Cash be permanently discontinued?
Peckshield disclosed that the hackers wired the stolen funds to Tornado Cash. Tornado Cash is doing more harm than good to the crypto sector. Hackers have employed the secrecy app to wire funds from hacked platforms in different cases. With Tornado Cash, it isn’t easy to trace the path of stolen funds.
Since its creation in 2019, the app has facilitated the laundering of more than $7 billion from numerous crypto platforms. Notorious North Korea base hacking group Lazarus group has employed Tornado Cash on different cases to wire more than $455 million. Also, Tornado Cash aided hackers in stealing about $96 million from Harmony Bridge. Similarly, the secrecy app aided Nomad’s wiring of $7.8 million.
The incessant use of Tornado Cash incurred its ban by the U.S Treasury Office of Foreign Assets Control (OFAC) last month. OFAC bemoaned how the secrecy app has contributed to the attack on numerous crypto platforms. The ban compelled notable outlets to disconnect Tornado cash from their server. Despite the strict restrictions, Hackers still use the tool to wire funds.
Meanwhile, when the OFAC first announced the ban on Tornado Cash, a part of the crypto space kicked against the move. These resulted in heavy criticism for firms that heeded the calls of the OFAC by disconnecting the use of Tornado Cash. Now, the continuous use by hackers has justified the move of the OFAC to blacklist the secrecy app.
Alarming Rate Of Exploitation On DeFi projects
The recent attack on ShadowFi should attract the attention of stakeholders in the crypto space about the increasing attack on DeFi. Last month, Peckshield reported that hackers stole about $208.5 million from DeFi platforms. According to the firm, the figure doesn’t contain the attack on Acala Network.
This figure is quite alarming for the crypto space. Just two days into the month, hackers have attacked two DeFi platforms. Stakeholders and regulators must work together to foster an excellent way to protect investors’ funds.
- 5 Best DeFi Crypto Coins and Tokens to Buy July 2021
- Best DeFi Coins To Buy For High Returns June 2022
- Best DeFi Coins To Buy For High Returns (May 2022 List)
Tamadoge – Play to Earn Meme Coin
- Earn TAMA in Battles With Doge Pets
- Capped Supply of 2 Bn, Token Burn
- NFT-Based Metaverse Game
- Presale Live Now – tamadoge.io
Check live crypto rates here
Start trading today – See our list of exchanges
I’ve learn some good stuff here. Definitely value bookmarking for revisiting.
I wonder how so much attempt you place to create the sort of magnificent informative website.
Wow, fantastіc blog layout! Hoow lengthy have you ever been blogging for?
ʏou mase running a blοg glance easy. The
full look of yoᥙr site is excellent, as smartly as the content!
I know this web site provides quality dependent articles and additional stuff, is there any other site which
provides these kinds of data in quality?
I see giving back as a way to make the world a better place
for everyone. Passing along valuable information is always a
You could definitely see your expertise in the work you write.
The world hopes for even more passionate writers like you
who aren’t afraid to say how they believe. At all times follow your heart.
you’re in reality a just right webmaster. The website loading speed is amazing.
It seems that you’re doing any unique trick.
Furthermore, The contents are masterpiece. you have done a
fantastic task in this topic!
Everyone loves what you guys are usually up too.
Such clever work and reporting! Keep up the wonderful works guys I’ve added you
guys to my blogroll.
This text is worth everyone’s attention. How can I find
With havin so much content do you ever run into any
issues of plagorism or copyright infringement?
My site has a lot of exclusive content I’ve either created myself or outsourced but it appears a lot of it is popping it
up all over the internet without my authorization. Do you know any techniques to help protect against content from
being stolen? I’d certainly appreciate it.
Hurrah! In the end I got a website from where I know how to really
take useful information regarding my study and knowledge.
Howdy! This is my first visit to your blog! We are a group of
volunteers and starting a new initiative in a community in the same niche.
Your blog provided us beneficial information to work on.
You have done a outstanding job!
This paragraph is genuinely a fastidious one it helps new net people, who are wishing for blogging.
What’s up, its fastidious piece of writing about media print, we
all be familiar with media is a great source of facts.
It is in reality a nice and helpful piece of information. I’m satisfied that you simply shared this helpful info with us.
Please stay us up to date like this. Thank you for sharing.
Currently it sounds like Expression Engine is the
preferred blogging platform out there right
now. (from what I’ve read) Is that what you are using on your blog?
Excellent post! We will be linking to this particularly great article on our site.
Keep up the good writing.
Hello there! I simply wish to give you a huge
thumbs up for the excellent information you have got here on this post.
I’ll be coming back to your website for more soon.
Hi there, just became aware of your blog through Google, and found that it is
truly informative. I am going to watch out for brussels.
I will be grateful if you continue this in future.
Lots of people will be benefited from your writing. Cheers!
Post writing is also a excitement, if you be familiar with after
that you can write otherwise it is complicated to write.
Good day! I know this is kind of off topic but I was wondering if you
knew where I could locate a captcha plugin for my comment form?
I’m using the same blog platform as yours and I’m having difficulty finding
one? Thanks a lot!
I visited several web pages except the audio feature
for audio songs current at this website is in fact marvelous.
It’s really a cool and useful piece of information.
I am glad that you simply shared this useful
info with us. Please keep us informed like this.
Thank you for sharing.
I’m not sure where you are getting your info,
but good topic. I needs to spend some time learning more
or understanding more. Thanks for excellent information I was looking for
this information for my mission.
Truly when someone doesn’t be aware of after that its up to other people that they
will help, so here it takes place.
This is a really good tip particularly to those new to the blogosphere.
Short but very precise info… Thanks for sharing this one.
A must read post!
I like the helpful info you provide in your articles.
I’ll bookmark your blog and check again here frequently.
I am quite sure I will learn many new stuff right here!
Good luck for the next!
Excellent beat ! I wish to apprentice while you amend your site,
how could i subscribe for a blog website? The account aided me a acceptable deal.
I had been a little bit acquainted of this your broadcast provided bright clear concept
Hi there, just wanted to mention, I liked this blog post.
It was funny. Keep on posting!
Heya i am for the first time here. I found this board and I find It truly useful
& it helped me out a lot. I’m hoping to give one thing back
and help others such as you aided me.
Thank you for the auspicious writeup. It in reality used to be a enjoyment
account it. Look complex to far introduced agreeable from you!
By the way, how can we be in contact?
I am regular visitor, how are you everybody? This paragraph posted at this website is in fact good.
I enjoy, lead to I discovered just what I used to be looking for.
You’ve ended my 4 day long hunt! God Bless you man. Have a great day.
I don’t even know how I finished up here, however I assumed this publish was good.
I do not understand who you’re but certainly you are going to a famous
blogger for those who are not already. Cheers!
You made some really good points there. I looked on the web to find out more about the issue and found most individuals will go along with your views on this site.